Is there such a thing as a tax free gift of money?

Question

I am having a bit of trouble finding this on the revenue website so maybe someone here can help. there is €20,000 of mine in my mothers account, however, to give it to me, she will have to pay 40% tax.

Someone else told me that up to half a million can be given as a "gift" to family members tax free.

does anyone have any idea if this is true?

thanks

Answer 1

If it is yours then your mother should be able to just withdraw it and give it to you, tax free.

If it is your mother's money she can gift up to €521,208 to you tax free.

It's all on http://www.revenue.ie/index.htm?/revguid...